In each of the 84 counties, a board of supervisors is elected by townships and city wards. Other officers are elected annually in April, generally for a term of two years. Owing to the large number of cities and vil lages — nearly 100 cities and over 300 inoorpo rated villages — township government is of minor importance; the cities are in general governed by special charters.
Banking.— The first bank in Michigan was a private bank, established in 1806, in Detroit. By the time Michigan was admitted to the Union (1837), there were 15 banks, with an aggregate actual capital of less than $1,500,000. President Jackson's specie circular precipitated a national crisis, which was met in Michigan by a general banking law, of such a nature that the State was soon dotted with awild-catn banks, without capital paid in, with excessive issue of notes, and without, in most instances, either ability or intention to redeem them. In 1844, this banking law was declared uncon stitutional and provision was made in the new constitution in 1850 that no general banking law could be enacted without first receiving the approval of a majority of the electors of the State. The constitution of 1909 provides that such law, to be valid, must receive a two thirds vote in the legislature. Under the pres ent law, a State bank must have a capital stock of at least $20,000 in cities of 1,500 in habitants, and not less than $250,000 in all cities of over 110,000. At least 15 per cent of the deposits of commercial and savings banks must be kept on hand and every stockholder is liable. A State banking department, at the head of which is a commissioner appointed by the governor for a term of four years, exercises general supervision over all banks in the State.
Finance and In 1837 the first State legislature authorized a loan of over $5,000,000 for public improvements, most of which was placed with eastern companies which soon afterward failed. In 1846 the State sold its improvements, realizing sufficient money to maintain its credit; but of this debt there still rernained at the beginning of the Civil War $2,316,328. The war 'debt increased the amount to $3,880,399. It was not wholly liqui dated until a short time previous to MO. A loan of $500,000, made in 1898 on account of the war with Spain, has also been paid. The constitution of 1909 provides that no debt shall be contracted by the State in excess, of $250,000, except to suppress insurrection or repel invasion.
In 1899 the assessed valuation of the State was $968,189,087; in the current year (1916), the State board of equalization placed the equalised value of the State at $2,800,000,000, which was a cut of $280,000,000 from the esti mate of the State tax commission. Of this
amount, 29 per cent is assessed to Wayne County ($836,000,000). In addition to a ,prop erty tax, the State levies certain indirect taxes, which yield about one-tenth of the total revenue. The direct tax is spread by the auditor-general among the various administrative districts, which levy and collect, at the same time with the State tax, the taxes for the counties, town ships, villages, cities and highway labor. The moneys collected for the State are disbursed principally for the expenses of the State anent and the maintenance of State institutions, including the State colleges and the University of Michigan. For the year ending 30 June 1916 the State's revenue and expenditures were as follows: Balance 1 July 1916 812.578,230 Receipt8. 1916-.1917 20,061,320 Total $32,639,530 Dia6arietnesta, 1916-1917 20,819,170 Balance. 1 July 1917 811.820,380 Corrections and Charities.— State penal and charitable institutions are under the Michi gan State board of corrections and charities, established in 1871. This is an unpaid board of five members, one of whom is the governor ex officio, who appoints the other four, for a term of eight years; one retires every two years. During the year ending 30 June 1916 the board held 20 meetings, 16 of which were at State institutions, in conference with the local board in immediate control; in general, the local boards consist each of three members appointed by the governor and are unpaid. The oldest penal institution is the State prison at Jackson, established in 1838. In 1885 a branch prison was established at Marquette, in the Upper Peninsula. Minor offenders are sent to the reformatory at Ionia, established in 1877. The total population of all of these is about 2,000. The cost of maintenance is about $300,000 a year, which is about half de frayed by receipts from prison industries. Progress is being made in prison management; the indeterminate sentence has been adopted, and a pardon board of four members, appointed by the governor, reports to him upon all peti tions for pardon. Allied to the prisons in nature, is the Industrial School for Boys at Lansing (estab. 1855), and the Industrial Home for Girls at Adrian (estab. 1879), containing together about 1,000 inmates. County super intendents of the poor are required to send all neglected dependent children to the State Public School at Coldwater (opened 1874). The Soldiers' Home at Grand Rapids (estab.